Standard and Poor's historically downgraded the credit rating of the United States federal government in 2011 from AAA to AA+ due to endless political bickering over the debt ceiling.

HERE’S THE INTERESTING PART

From the Stacky collection1 min read

A closer look

Standard and Poor's historically downgraded the credit rating of the United States federal government in 2011 from AAA to AA+ due to endless political bickering over the debt ceiling. Despite having an unblemished record of paying its debts and possessing the literal ability to print the global reserve currency, the nation was penalized purely because its elected officials were acting like obstinate toddlers throwing a temper tantrum on national television. The completely unprecedented downgrade caused global stock markets to aggressively panic and instantly vaporized trillions of dollars in wealth overnight. It flawlessly illustrates the terrifying reality that the entire global financial ecosystem can be violently destabilized just because a few dozen politicians in Washington refused to share their toys

Topics in this factcredit ratingnational debtpolitics

One discovery leads to another.

Keep exploring facts in this topic.

Economy →

ONE MORE DISCOVERY?

Keep exploring

All in this topic →

Economy

Politicians waste millions in taxpayer dollars by talking

Because halting legislative action by reading the phone book is a proud tradition. The act of the filibuster grinds the entire apparatus of government to a…

Discover more

Economy

When US debt exceeds the country's yearly output

At a certain point, the numbers get so big they stop feeling real. The US national debt has ballooned past $34 trillion, meaning the government owes…

Discover more

Economy

Political campaigns incinerate billions for zero output

Elections are essentially massive bonfires for donor funds. Astounding amounts of capital are funneled into repetitive television advertisements and junk…

Discover more

Economy

Former leaders receive massive pensions and secret service

Because leaving office should never mean giving up the luxury perks. Once an executive finishes their term, they are rewarded with an enormous lifetime…

Discover more

Economy

British MPs once used expenses to dredge a moat

Because basic yard work is strictly for the peasants. During a massive parliamentary scandal, it was revealed that elected officials were using taxpayer…

Discover more

Economy

Humorist Will Rogers originally coined the concept of trickle-down economics as a blatant joke during the Great Depression, mocking the idea that giving money to the rich would eventually help the poor.

Humorist Will Rogers originally coined the concept of trickle-down economics as a blatant joke during the Great Depression, mocking the idea that giving money…

Discover more

Standard and Poor's historically downgraded the credit rating of the United States federal government in 2011 from AAA to AA+ due to endless political bickering over the debt ceiling.

A closer look

A bigger world.One discoveryat a time.

Keep exploring

Politicians waste millions in taxpayer dollars by talking

When US debt exceeds the country's yearly output

Political campaigns incinerate billions for zero output

Former leaders receive massive pensions and secret service

British MPs once used expenses to dredge a moat

Humorist Will Rogers originally coined the concept of trickle-down economics as a blatant joke during the Great Depression, mocking the idea that giving money to the rich would eventually help the poor.

A bigger world.
One discovery
at a time.